EN
The aim of the article is to present the influence of exchange rate changes on the price dynamics in Poland. Knowledge of the exchange rate pass-through to prices permits assessment of how exchange rates affect inflation and monetary policy. The phenomenon was found of an incomplete exchange rate pass-through to import, producer and consumer prices in Poland, in the short- and long-run. These results are in line with theoretical arguments and indicate that in general the degree of the exchange rate pass-through to import prices is lower in the case of more processed goods and higher in the case of less processed ones. What is more, the degree to which exchange rates are passed through to prices of industrial goods increases with the increase of their substitutability, while the level of exchange rate pass-through to import prices of raw materials, agricultural and food products decreases together with their lower substitutability.